The following is a summary of the MillerKnoll, Inc. (MLKN) Q4 2024 Earnings Call Transcript:
Financial Performance:
MillerKnoll reported Q4 adjusted diluted earnings of $0.67 per share, driven by strong gross margin performance and favorable tax impacts.
Q4 consolidated net sales totaled $889 million, with an organic decrease of 5.2% year-over-year. However, new orders showed organic growth of 3%.
Gross margin for the quarter improved by 250 basis points year-over-year to 39.6%, driven by price realization, inventory management, and optimized product mix.
The consolidated adjusted operating margin increased to 8.3%, up 240 basis points year-over-year.
Business Progress:
MillerKnoll emphasized investment in expanding digital platforms and MillerKnoll showrooms globally.
Introduced over 30 new products during Design Days, with notable industry awards for innovation and design.
Transitioned 19 dealers internationally to full MillerKnoll dealers and aims to transition 100% of the global network by the end of fiscal 2025.
Showcased commitment to sustainability with a top 5% EcoVadis rating and receiving the 2024 SEAL Sustainable Innovation Award.
Opportunities:
Anticipated growth in the global retail segment by investing in new stores and expanding product assortments.
Increase in MillerKnoll showroom investments and the potential uplift from improvements expected in the housing market.
Risks:
Economic fluctuations and reductions in consumer spending affecting demand levels within the Global Retail segment.
Potential for increased pricing and discounting pressures as market conditions evolve.
More details: MillerKnoll IR
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